| Date: |
15-06-2010 |
| Subject: |
June gold imports seen halving: Trade body |
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MUMBAI: Gold imports into India, the world's largest consumer, may fall to less than 15 tonnes from 29.9 tonnes a year earlier as near-record prices and the onset of monsoon dent demand, a trade body official said on Monday.
The onset of monsoon, typically crimps demand in India as rural demand, which accounts for 65 percent of total gold buying, dwindles because farmers divert their funds to seeds and fertilisers for the sowing season.
"June and July are bad months for gold demand and even prices are at record high... we may import less than 15 tonnes (in June)," Prithviraj Kothari, director of the Bombay Bullion Association told Reuters.
Gold on the Multi Commodity Exchange traded at 18,604 rupees ($400), not far away from an all-time high of 19,198 rupees struck last week.
Rainfall in the seven days to June 9 recovered to normal after an initial hiccup when cyclone Phet hindered the advance of the monsoon.
Source : The Economic Times
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